Four Quick Ways to Bigger Business Profits!

Some people think that the only way to raise their business profits are to just “do more business”. While that is an option, it isn’t the only way. Here are 4 quick ways to raise profits in a growing business and to find more cash flow!

1. Sell Your Product and Services – in a Different Way: Can you add-on additional items or use the power of suggestion to help you sell more to your current clients? An example: When the housing market tanked a few years ago, Home Depot shifted their focus to “remodeling” rather than just “new building”. They saw that the housing market had changed and that people were staying in their homes, not selling them as fast. They carved out a strong niche in the “remodeling” field and people started buying differently. By noticing a market TREND, they took advantage of the need that people had to just fix the home that they were in. Even though Home Depot had always offered this to their customers, they now used this as their primary focus and stabilized their growth in a very rough time.

So, what can your company focus on that is a current trend? What product or service can you add on that compliments your current item? Finding a new way to sell by re-marketing could be the key to adding profits.

2. Expand Your Offerings: Consider adding to your product line or expanding your services as “packages” that can be bundled together. Do you have a product that can be sold with another as a 2-for 1 deal? Do you have a service that can be marketed as a “starter package” and then offer a discount for an upgrade? Repackage your services as “3 in 1” or as “gold, silver, bronze” to get cash flow moving a little faster, and to gain a larger client base. With a 3 in 1 deal, you also keep them coming back longer, so that they can use what they bought. That is a great way to build client loyalty!

3. Consider Raising Your Prices, if it has been a few years. If you look at your prices, and they have not been raised in quite some time, it may be time to find some wiggle room. Maybe even plan it for the first of the year? Some companies that don’t want to raise their prices can consider adding on a deliver fee, a fuel surcharge, a postal fee, or a start-up fee. An add-on fee doesn’t have to be permanent, but it may help temporarily.

Example: When the gas prices went up to around $4.00 per gallon it was common to see a fuel surcharge on companies that delivered products. Even companies that came to your home and offered a service were adding fuel fees. And some companies never took it away when gas prices fell back down. If you have never benefited from a “small fee” add-on, you could consider it if your profits need a little boost.

4. Cut Unnecessary Expenses. If you need cash flow, or need to grow your emergency fund, get an audit of your daily, weekly and monthly expenses. Have an accounting professional look over your books to see if there are mistakes, over-spending trends, or unnecessary expenses. This can help show you how to save! This is an easy way to find money, because it’s already yours!

>>>We can show you how to keep more of what you make and how to grow your profits. Schedule an appointment today with an experienced business bookkeeper from Ec3. Call 1-844-692-6655.

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